4 Ways to Simplify and Grow Your Small Business
As the owner of a small or mid-size business, you’re probably thinking about the best way to grow and make your company more profitable. But it can be hard to focus on growth when you and your team are spending most of your time working on the smaller details. And if your business isn’t functioning as effectively and economically as it could be, it can be even harder. The Business Simplification report from Knowledge@Wharton and SAP outlines more benefits of simplifying your business processes.
For now, here are some tips to help you get started. Simplify the way you run your business and find more time to focus on the areas that will allow you to grow...
1. Put all your data in one place.
When you integrate all your processes into a single software application, you get instant insights into all areas of your business. So you don’t have to spend time searching through multiple entries, across numerous spreadsheets and databases, to find what you’re looking for. Instead, you have all your data at your fingertips. So you can make smarter, faster decisions.
2. Use automation to save you time and money.
Manual data entry across multiple systems can be very time consuming. And it takes your staff away from performing other critical functions, or helping you work towards your goals for growth. When you automate the key functions of your business, every member of your team will have more time to focus on what matters – actually running and growing your business.
3. Reduce simple mistakes and human error.
Mistakes in your data can be costly. Experian’s Global Research Report 2014 found that 59% of data errors are caused by human error. And it can cost up to $100 to fix each mistake, depending on when the error is noticed. Cut down on the potential for mistakes by streamlining your processes and reducing the number of physical entries that need to be made.
4. Make sure you’re working with clean data.
The information you get out of your system is only as good as what’s going into it. Clean up your data by removing any outdated information, incorrect figures or poorly input customer details. Research shows this “bad data” affects the bottom line of 88% of companies worldwide. And the average company could be losing 12% of its revenue due to wasted marketing spend, resources and staff time – all due to inaccurate data.
By cleansing your data and integrating into a single system, you can reduce duplicate or inaccurate entries, spot errors more easily and make sure you have a single version of the truth. No more time wasted trying to determine which version of the same data is the “most right”.
With a single system helping your business run smoothly, you’ll see increased efficiency and productivity. And with all your data stored in one place, you can be sure it’s accurate and up-to-date. The time and resources you used to spend simply managing your data can now be put to better use focusing on the areas that will really help you grow.